so i'm a poor college graduate, making about 27,000 a year with my degree and looking to move into a house with no roommates. i feel like i'm wasting money into an apartment. i see these houses that's on sale for foreclousre, and they are something i can afford! but why is that? is there something wrong with these houses?
2007-12-02 13:01:56 · 6 answers · asked by rosieopolos 2 in Business & Finance ➔ Renting & Real Estate
Often a foreclosed house has a great deal of damage done to it.
When people do not have the money to pay their mortgage they do not have the money to maintain the property, fix leaks in the roof and the plumbing.
Water damage and dry rot in foreclosed properties if often substantial.
Often during the foreclosure process the former owners became hostile and did a considerable amount of damage.
Also, any remodeling the former owners did such as new kitchen cabinets and appliances and batroom remodeling is often removed down to the bare studs in the wall and the subfloor. The former owners see the remodeling as their property not the lender's.
The cost of the repairs just to make the house habitable can be rather substantial.
2007-12-02 13:13:54 · answer #1 · answered by Anonymous · 1⤊ 0⤋
There is nothing wrong with buying a house that had been foreclosure.
But if the house is below market price, there could be repairs needed. People who lost their home often don't leave quietly.
Or the banks just want to get the house and many other like it off their books.
If you can I would buy, it is the best time to do so. It is going to be long time before prices get this low.
Note: there could be other liens and judgements on the property which can raise your cost of buying.
2007-12-02 13:21:31 · answer #2 · answered by Anonymous · 1⤊ 0⤋
What Does Foreclosure Mean
2016-10-06 00:40:34 · answer #3 · answered by Erika 4 · 0⤊ 0⤋
If you know your way around tools and can access the money to buy materials these houses can be great deals. Do some Googleing and you can learn a lot. I found a house on a good gov't foreclosure site and bought it.
2015-12-06 09:07:43 · answer #4 · answered by x 2 · 0⤊ 0⤋
It means that they owners were not making payments and the bank now owns the house. Be careful though, you think your getting a deal on a foreclosed house, the payments will be low for a while but then they can sky rocket! The best thing to do is to move into a comfortable apartment you can afford, when you start making more and are more secure then start looking for houses. :) Plus, usually if you have bad credit you don't even qualify to purchase a foreclosed home.
2007-12-02 13:07:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
There's nothing wrong (at least, not indicated by the word forclosure) with those houses. Foreclosure just means the current owner is losing their home because they aren't paying their mortgage.
2007-12-02 13:04:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋
NOTHING! Houses that are in foreclosure just means that the owner can't afford to pay and hasn't paid their mortgage for some time and the bank now will foreclose and sell the house for the balance of the loan amount. :)
2007-12-02 13:09:41 · answer #7 · answered by intelligentblode 1 · 0⤊ 0⤋
The only problem is, and you have to look carefully at each one, is they couldn't afford routine maintenance.
And some may have an attitude problem at having their house taken away and may have trashed the place, which is stupid because it is still in their best interest to get the most money for their house.
2007-12-02 13:12:58 · answer #8 · answered by Jeffery H K 6 · 0⤊ 0⤋
possibly..but not always...it basicly means the owner could not pay his mortgage and it is being repossed by the Financial institution...there are various levels of foreclosure ...so if you want to learn more...just search it and start reading..its worth your while...you can get good deal on auctions
2007-12-02 14:49:21 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Wow! Thanks! Just what I was looking for. I tried looking for the answers on other websites but I couldn't find them.
2016-08-26 09:24:42 · answer #10 · answered by Anonymous · 0⤊ 0⤋